Category: Featured in the Media

Finding a business model

Every initiative that aims to attract commercial funding needs a business model. Many social or sustainability initiatives focus on the impact they want to make, but forget about how they will generate revenue to cover their costs.

There can be many potential streams of revenue. A nature conservation project could charge visitors. A recycling project could generate revenue by recovering materials, or generating energy. An infrastructure project could charge fees to users or residents who benefit, or generate a steady income from green mortgages extended to buyers of sustainable or energy-efficient homes. And so on. If these initiatives increase biodiversity or reduce greenhouse gas emissions, some kind of credit might also be issued and sold.

In many cases, such business models require some degree of regulatory support. Governments may need to give a concession to the project operator (charging visitors), allow parties to organise in certain ways (like a residents’ association), or they can incentivise firms to buy credits.

While gaining regulatory support may seem daunting, it is important to remember that social and sustainability projects often align with public policy goals. This makes governments more receptive to supporting social and sustainability initiatives, especially if they don’t require a budget allocation.

However, creating a viable business model is just a first step in securing commercial financing.

Speaking the language of finance

From a financial perspective, the bankability of a project depends significantly on how it is ‘structured’ or organised, and three pieces of financial theory can help understand how financial institutions think about social and sustainability projects.

The first is portfolio theory, which posits that a mix of investments, which offer returns spread out over time, is more attractive. If a project is organised so that it delivers both explicit and extrinsic benefits now and also in the future, over and above its cost of capital, it is more financially attractive. Many social and sustainability projects take too long to deliver results.

The second is real options theory, which considers that having an option to scale-down, scale-up, defer, or cancel a social or sustainability project, has a very large impact on its financial viability. Options, like an insurance policy, have positive value (‘premium’). Projects with flexibility embedded in them, and with a good ‘exit strategy’, are more financially attractive, as are projects which can scale.

Doing something for the first time is risky, and therefore investors can be reluctant to provide funding. However, once a project is successful, many investors are eager to jump in and profit margins are reduced. To induce investors to invest first, governments can also give them an exclusive ‘option’ to participate in scaling-up their solution. If an organization completes project ‘A’ first, it has the right to also complete projects ‘B’, ‘C’, and ‘D’. Such options can make the proposition to invest in project ‘A’ much more attractive.

The final theory is debt layering: while commercial investors may be unwilling to accept certain risks, philanthropic organisations and governments may be more accepting.

The first layer of potential losses could be absorbed by a philanthropic or policy investor. Such a ‘first-loss warranty’ is a form of credit enhancement that reduces the project’s downside risk and carries a positive value for investors. This could give commercial investors the assurances they need to fund the second layer of a project. This structure is beneficial to the policy investor too, because it allows them to mobilise more funding. For example, instead of spending US$1 billion directly, a guarantee of US$1 billion could lead to another US$9 billion of commercial funding.

（北京18日讯）亚洲商学院与中国顶尖学府清华大学五道口金融学院于本月11日在北京正式签署战略合作谅解备忘录，标志着双方在区域性高等教育与人才培育合作方面迈出重要一步，为两国学术交流与发展奠定坚实基础。

Kuala Lumpur, 18 July 2025 – The Startup World Cup Malaysia 2025 – Kuala Lumpur Final brought together the nation’s top entrepreneurial talent in a high‑stakes pitch showdown at Asia School of Business. Organised by Growth Charger, the official organiser of the Startup World Cup Malaysia, and proudly supported by Cradle Fund Sdn Bhd (Cradle) as the Title Partner, the event served as a platform to spotlight the next generation of innovative ventures aiming to scale regionally and globally.

Ten high-potential startups took the stage at the KL Final, pitching to a distinguished panel of judges comprising investors, industry experts, and corporate leaders. The winning startup will represent West Malaysia at the Startup World Cup 2025 Grand Finale in Silicon Valley, competing for the chance to secure USD 1 million in investment from Pegasus Tech Ventures.

Officiated by YB Tuan Chang Lih Kang, Minister of Science, Technology and Innovation (MOSTI), the event highlighted the collaborative strength of Malaysia’s innovation ecosystem. In addition to key supporters such as Cyberview, the Tech Hub Developer of Cyberjaya, Malaysia Digital Economy Corporation (MDEC), whose initiatives continue to drive digital inclusion and global market access for local startups, and WORQ, which plays an essential role in cultivating co-working spaces where entrepreneurs and startups can collaborate and scale.

Qarbotech and the Startup World Cup

The afternoon kicked off with inspiring opening remarks from Pegasus Tech Ventures, followed by a keynote address by Cradle, the Title Partner of the event.

Norman Matthieu Vanhaecke, Group CEO of Cradle, said, “This competition is more than just a stage for great ideas—it is a strategic launchpad to elevate Malaysian startups to global prominence. As the national focal agency for startups, Cradle remains steadfast in our commitment to developing a robust ecosystem of high-growth, high-impact ventures that scale beyond borders. This aligns with Malaysia’s aspiration to be among the world’s top 20 startup ecosystems by 2030. We believe our homegrown startups are not only ready to compete but to lead in solving real-world challenges.”

The highlight of the evening was the winning pitch delivered by Qarbotech, who impressed the judges with their patented biocompatible quantum dots technology that enhances plant photosynthesis, increasing growth by up to 60%.

Chor Chee Hoe, CEO and Co-founder of Qarbotech, shared, “As an alumnus of the Asia School of Business, it’s a proud moment to win the prestigious Startup World Cup Malaysia right here on my home turf. Few know that I first connected with Professor Dr Suraya Abdul Rashid through a networking opportunity curated by ASB and Universiti Putra Malaysia. Those early days of commercialising a novel homegrown technology were filled with challenges, but this win is a powerful validation of how far we’ve come. It’s a shared victory for the entire Qarbotech team, our dedicated partners, and the 2,500 farmers across Malaysia who believed in our product. And this is just the beginning—we’re on a mission to scale our innovation globally to empower plants, people, and the planet.”

Iskandar Shafi’i, Co-founder and Director of Growth Charger, said, “As the official organiser of Startup World Cup Malaysia, Growth Charger is dedicated to nurturing a platform that not only celebrates innovation but also connects Malaysian startups to global opportunities. Kuala Lumpur’s rise as a leading startup hub reflects the strength and diversity of our ecosystem, and the KL Final is a testament to the bold ideas shaping our future. We’re excited to support these entrepreneurs as they take their ideas to the world stage.” He also added, “We would like to extend our heartfelt congratulations to Qarbotech for emerging as the Kuala Lumpur champion. Their breakthrough in agri-tech innovation is a shining example of Malaysian ingenuity with global potential, and we look forward to cheering them on as they represent West Malaysia at the Grand Finale in Silicon Valley.”

The KL Final

The KL Final was made possible through the support of key partners across the startup ecosystem. Among the Strategic Partners were Cyberview, Malaysia Digital Economy Corporation (MDEC), and TEGAS, while Malaysia Debt Ventures (MDV), WORQ, Sarawak Digital Economy Corporation (SDEC), Makeramai Makerspace, and iCube Innovation contributed as Ecosystem Partners. The event also received strong support from additional ecosystem enablers and venture capital firms, reflecting a shared mission of accelerating Malaysia’s innovation economy.

All eyes now turn to the East Malaysia Final in Kuching on 31 July 2025, where the next wave of top founders will battle for a spot at the Startup World Cup Grand Finale this October in Silicon Valley.

BEIJING: The Asia School of Business and the Tsinghua University PBC School of Finance (Tsinghua PBCSF) have signed a Memorandum of Understanding (MoU) to strengthen regional collaboration in education and talent development.
The MoU sets the foundation for long-term cooperation be- tween the two leading academic institutions in Asia.

It reflects their shared belief that education builds bridges between nations, nurtures leadership, deepens mutual under- standing, and drives prosperity through knowledge exchange, the Asia School of Business said in a statement.

Under the agreement, both institutions will work together in several areas, including postgraduate and executive education programmes, faculty and research exchanges, joint academic conferences, and cross- border research on global and regional issues.

This partnership reflects the values of scholarship and goodwill, where collaboration across borders must become a force for good.

“With our colleagues at Tsinghua PBCSF, we see this as a pathway to shared leadership, shared knowledge, and shared progress for the region and beyond,” commented Asia School of Business CEO, president and dean Joseph Cherian.

This collaboration supports Malaysia’s growing profile as a leading destination for international education.

Chinese students are increasingly choosing Malaysia for its English speaking academic environment and regional relevance rooted in Asian values.

At the same time, more Malaysian students and scholars are enrolling in top Chinese universities like Tsinghua, drawn by China’s deep expertise and scale of industry.

Tsinghua PBCSF dean Jie Jiao said the partnership affirms the broader friendship between both nations.

“By investing in joint education and leadership development, the future of Asia will be led by those who can think across borders, act with integrity, and collaborate for the greater good,” he added.

Meanwhile, Asia School of Business founding chair and co-chair Tan Sri Dr Zeti Akhtar Aziz said the focus of both institutions is to deliver education contextualised to the emerging world.

“The common focus of our respective schools in education is to provide foundations that are contextualised to the emerging world so that it will contribute to an increased understanding of its financial and economic functioning in the world so as to cultivate the next generation of stewards and talent that will make a difference in the global economy,” he added.

The MoU also supports the broader talent development vision of China’s Belt and Road Initiative.

As China increases its engagements across Asean, the need to develop globally competent yet locally grounded talent has become more pressing

With Malaysia at the heart of Southeast Asia and a long history of economic and education ties with China, the Asia School of Business is well placed to play a key role in this effort, it said.

Originally published by The Borneo Post.

曾经弹无虚发的神枪手，如今不敢再拔枪；曾经温和的丈夫，如今因小事而暴怒；曾经活力的妻子，如今沉默如冰……

导致他们“失常”的，可能是一次重大事故、职场霸凌，或长期的精神高压造成的心理创伤。

身体的伤，看得见；心里的伤，隐蔽、难以察觉，不仅会击垮当事人，更会像涟漪般扩散至家庭。我们该如何识别这些信号？政府、公司组织又该如何给予协助，降低员工遭受心理创伤的风险？

在职场上，无论是站在前线的军警、消防拯救人员、人道救援成员、重症监护人员、社会工作者、宗教中特定职位的工作者甚至是办公室里的白领、工厂里的蓝领，都有可能因为工作期间经历或见证极度紧张或恐怖事件，如自然灾害、暴力事件、严重事故或攻击（遭遇性侵、霸凌），而留下心理创伤，甚至严重至患上创伤后应激障碍（PTSD，又名创伤后压力症候群）。

然而，需要被看见和治愈的，不仅仅是受创伤的当事人，家属或照顾者亦是隐形受害者。

亚洲商学院（Asia School of Business）组织行为学副教授王怡人和研究团队的后设分析（Meta-Analysis）研究显示，职场上的心理创伤不仅会冲击当事人，连带可能影响其家庭的心理健康，首当其冲的往往就是最亲密的伴侣、子女或者照顾者。

照顾者痛苦“共情”

这项研究项目始于王怡人在美国就读博士班期间，初衷是了解美国军人家庭的压力状况。过程中也发现无论是面对生死一线的军警与医护人员，甚至是在办公室里遭受霸凌、性骚扰的白领员工，他们所经历的心理创伤，都会间接的传递给伴侣及家庭。

研究也进一步发现，即使伴侣或照顾者并未亲身经历或目睹有关的重大冲击场面（如战场上的生死离别，急诊室里惊心动魄的抢救，在会议室里被上司羞辱），但他们会因为“共情”与“照护”受创伤的当事人（“我爱的人正遭受某种不合理、不公平或痛苦的对待”），心理健康所受的危害程度与痛苦指数，可能不亚于甚至等同于遭受创伤的当事人。

王怡人指出，这存在两种可能：

●亲密关系发生变化：

当一个人经历创伤后，其行为模式会发生根本性改变，可能出现易怒、警惕、逃避或麻木等症状。这些变化会直接影响家庭氛围、沟通模式和亲密关系质量，间接损害伴侣和家人的心理健康。

●同情心疲劳：

伴侣在不断倾听、安抚和提供情感支持的过程中，会持续消耗自己的同情心和心理资源。这种过度付出虽然有助于受创者的康复，却也让伴侣自身处于高度脆弱的状态，最终可能导致其出现严重的心理问题。

这并非危言耸听。

双威医疗中心临床心理治疗师魏爱灵受询时透露，“很多人会因为他们感到焦虑、忧郁或沮丧而来求医。但在谈话中我们慢慢发现，其实一部分的原因是和他们的家庭，或者另一半可能经历了一些事，导致他们的情绪也受到影响。”

不同角色的扮演

企业、国家、领导者、主管在职场创伤扮演的角色：

◎组织/企业：

当职场成为创伤的源头，企业无法置身事外，这不仅是出于人道考量及照顾员工，更与企业的长远发展息息相关。

王怡人指出，员工心理健康与企业实则同舟共济，忽视员工心理健康，对企业本身就是一种巨大的损耗。“如果一个优秀的员工因心理健康问题影响留任意愿或工作表现，企业将不得不投入更多成本重新招聘和培训。”

因此，投资于员工的心理健康，等同于投资于企业的稳定性与未来。

投资心理健康=投资未来

她主张，若工作环境可能面临高度的职业灾害和职业创伤风险，企业或组织领导层需建立强大的安全网络，例如招聘时列出工作特征让应征者考量、提供训练，确保前线工作者更有意识地应对潜在挑战；其次，定期评估员工心理健康状况，营造心理安全的环境和沟通机制，让员工感受到被倾听、被重视。

除了关怀员工心理健康需求，亦可将关怀延伸至员工的家属，其他措施包括推动如弹性工时、弹性工作地点、主办心理健康讲座等措施以提升认知、破除对心理创伤的污名化等。

◎领导人与主管：

王怡人分享一起本地案例：一名警消人员在某次任务后出现严重的恐惧和反抗行为，其妻子经过长时间的陪伴和倾听才得知，他当天目睹了极具冲击性的现场。由于缺乏同事、主管和组织层面的及时心理支持与干预，该警消人员出现了PTSD反应，长期处于极度不安状态，严重影响工作表现。

她强调，主管和领导者应接受系统性培训，学会倾听、介入并提供支持，而非将员工的求助视为个案或特殊情况。

构建心理安全感文化

魏爱灵补充，主管和领导者可以构建心理安全感的职场文化，鼓励员工自由表达意见，不必担心因犯错或坦诚困境而遭受指责或影响职业发展。

她观察到，越来越多的公司意识到营造心理安全环境的重要性，值得注意的是，必须学会平衡。

她解释，一些人会误认为过度强调同情和帮助他人会影响工作效率，“心理安全感的目标并非牺牲工作表现，而是促进更有效沟通，增强团队成员间的同理心和相互理解。”

疫后至今，她接获不少企业邀请，为员工普及心理健康知识、提供压力应对指导甚至处理心理问题。她认为这表明企业对员工心理健康的重视程度正在逐步提升。例如，她所在双威医疗中心就为员工提供免费的心理健康相关支持，甚至惠及员工家属。

◎政府：

王怡人表示，相较于生理层面的职业灾害和意外风险评估，包括大马在内的许多国家和地区，在心理健康方面的法规仍相对不健全或缺乏，这导致员工心理健康的照护，目前完全取决于企业的意愿。

要从根本上解决问题，或许可倡议政府立法明确企业在保障员工心理健康方面的责任，搭配监督机制及合理适当的资源分配，以强化对职场心理健康的重视。

自行采取自下而上

“如果国家未能自上而下地推动，企业很容易就会认为员工的心理健康问题‘不关我的事’或是觉得既然政府没有强制要求，自己‘何必操劳这些’。因此，若能由政府率先制定法规并有效推行，提升公民意识，无疑是最有效的方式。”

倘若法规的制定速度落后于社会风气和需求，她认为民众可采取自下而上的草根行动，积极倡导和推动从而影响企业，促使其关注并改善员工的心理健康。

小心保护你的心

魏爱灵表示，在高压工作环境中，工作者需采取多方面措施保护心理健康。

首先，维护个人私生活。这意味着确保工作时间不会侵占个人时间。她表示，下班后如果只是感到疲惫，只想看电视、吃饭睡觉，那么心理健康很难得到维持。因为高压会导致身体产生压力荷尔蒙，长期累积若得不到释放，将逐渐影响生理健康。因此，需要通过一些减压方式如运动、培养个人爱好来释放这些荷尔蒙。

其次，建立支持系统不可或缺。这意味着拥有可以沟通、倾诉的对象，甚至在需要时能获得实际帮助。例如，当工作压力过大无法照顾孩子时，能有人伸出援手。这些看似小事，却对心理健康助益良多。

先麻木再爆发

对于曾遭遇心理创伤甚至PTSD患者，魏爱灵指出，当局者迷，比较难以自我察觉，“有时候创伤并非即时显现，你可能会先麻木一段时间，之后才爆发反应。你会疑惑为何几个月前的事情现在才有如此大的反应。”

正是这种延迟性，导致当事人极难自我察觉。此时，身边的“局外人”如家人或朋友的观察和一句简单的提醒，例如“你好像有些不一样了”或“什么事情影响到你”，或许就能如同警钟般起到关键的提醒作用。

此外，她也指出，时间并不能自行治愈心理创伤，特别是PTSD。例如，因为工作环境有毒或与老板冲突而遭受心理创伤并更换工作的人，即便在新环境面对“小事”，仍可能感觉“回到了之前的状况”，这正是因为他们的“情绪容纳之窗”变窄，必须加以拓宽，有的人接受药物治疗、有的选择心理治疗，也有一些人选择什么都不做。

【自·救·指·南】

●关于当事人：

打破沉默，进行沟通并寻求帮助。魏爱灵表示，沟通是重要的预防方式，在事情恶化前，家人之间坦诚地交流彼此的感受和观察，能为可能到来的风暴铺好缓冲带。此外，家庭以外的社群支持，可在当事人孤立无援时，提供情感慰藉和实际帮助。

●关于照顾者：

“你要照顾别人之前，要先把自已也先照顾好 。”王怡人指出，照顾者必须清醒地认识到，感到疲惫、焦虑甚至急躁，都是正常的身心反应。她建议照顾者要正视“同情心疲劳”，允许自己有疲倦和急躁的时候，并适度调低“我必须为他负责”的道德枷锁，给自己喘息的空间。因为研究也显示，一个耗竭的照顾者，无法为任何人提供有效的支持。

一点就炸或彻底躺平

有没有发现，在现实生活中，遇到事情发生时，有的人“一点就炸”，却也有的人“彻底躺平”，这或许与性格无关，而是与“情绪容纳之窗”（Window of Tolerance）变窄有关。

魏爱灵指出，每个人的情绪波动都存在“情绪容纳之窗”，其宽度受个性、成长背景和经历影响。

当心理健康且富有弹性时，即使面对挑战，情绪也能原有的“窗口”内（例如30公分）波动，意味着我们能有效管理情绪，正常生活。例如感到不开心但不至于逃避，生气但不至于过度争执或陷入焦虑、躺平，这都属于健康的范围，能正常工作和学习。

情绪容忍度降低

然而，当一个人经历创伤或长期压力会使大脑自动收窄这个“情绪容纳之窗”（例如收窄至20公分），当事人对情绪波动的容忍度随之降低，情绪稍有超出便可能出现两种极端反应：

（1）反应过激：

持续高度警觉和亢奋，表现为焦虑、情绪失控，甚至与人争执；

（2）反应过低：

表现出极度的麻木、抽离和回避。

例如，创伤前能处理5项工作任务，创伤后面对同样任务量可能感到“不行了”，随即陷入争吵或逃避，影响工作表现。此时就要重视自己的心理，或积极向外要求救援

Originally published by Nanyang Siang Pau.